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论文编号：	8135
作者编号：	2220130086
上传时间：	2016/5/22 15:45:16
中文题目：	从财务分析角度判断珠海格力电器股份有限公司投资价值
英文题目：	From the Perspective of Financial Analysis to Determine theZhuhai Gree Electric Appliances co., LTD. Investment Value
指导老师：	刘志远
中文关键字：	家电行业；格力电器；财务分析；比较分析；投资价值
英文关键字：	Household electrical appliance industry， GREE ELECTRIC， Financial analysis， Comparison analysis， Investment value
中文摘要：	中国改革开放30多年来，随着经济的迅猛发展，相继涌现出一大批优秀的民族企业，而珠海格力电器股份有限公司无疑是其中的佼佼者。本文就是以珠海格力电器股份有限公司作为研究对象，通过各种财务分析方法详细研究了其自1996年以来的财务状况，并与家电行业自1999年以来的整体运行情况进行了对比，从而总结了它的成功经验，找出了它的不足，以使这些宝贵的经验和教训能够成为国内其他企业可资学习和借鉴的他山之石。作为投资决策人员，从财务分析角度判断一个公司的投资价值具有非常强的现实意义。 本研究共分为七个章节。 引言部分介绍了研究的背景和主要目的。 第一章简单讲述了财务分析的一些基本理论，包括财务分析的概念、目的和作用等，并全面总结了目前常用的各种财务分析方法。 第二章阐释了选择家电行业、选择格力电器作为研究对象的理由和意义，概括了本研究的思路和分析框架。 第三章从历史角度对珠海格力电器股份有限公司的发展状况和趋势进行了财务分析，研究了其所处的发展阶段，以及资产结构、资本结构、盈利能力、营运能力、偿债能力和获现能力等，并依据现时的财务状况对其未来的发展前景进行了简单的预测。 第四章从同业角度把珠海格力电器股份有限公司与家电行业整体的财务状况进行了对比分析，分析的内容包括行业地位研判、成长能力比较、盈利能力比较、营运能力比较和偿债能力比较等。 第五章用杜邦分析模型从纵向和横向两个维度把珠海格力电器股份有限公司的盈利成果和能力进行了分析，纵向比较选取的是它历史上有代表性的时间节点，横向比较则根据我国家电行业可得的统计数据现状把杜邦分析模型作了一些变通和调整。根据杜邦分析模型的比较结果，文章还采用因素分析法定量分析了导致这些结果的成因及其贡献度。 最后一章利用雷达图总结了珠海格力电器股份有限公司的各种财务分析结果，并依据分析结果对其发展战略、经营模式和核心竞争优势等作了简单的提炼，评估了它的投资价值。 本文最主要的创新是结合我国统计体系的现状，融合运用包括趋势分析、比较分析、因素分析、比率分析和杜邦分析在内的各种财务分析方法对珠海格力电器股份有限公司和其所在的家电行业的财务状况进行了比较全面、综合和系统的研究。意在通过整体财务分析的体系建立，对拟选定的投资标的进行系统性分析，以对其投资价值进行系统性分析，从而为投资人的投资提供决策性依据。
英文摘要：	Since the reform and opening up of China for recent 30 years， with the rapid development of economy， a large number of outstanding national enterprises have emerged，of which， GREE ELECTRIC APPLIANCES，INC.OF ZHUHAI CO.， LTD (hereinafter as GREE ELECTRIC) is undoubtedly one of the best. This article used GREE ELECTRIC as the research object， analyzed its financial situation since 1996 through various methods of financial analysis， compared with the overall operation of electrical appliance industry since 1999， summarized the experience of success， found out its shortage， in order to make these valuable experiences and lessons to be learnt and used by the other domestic enterprises. This article is comprised by seven chapters. The introduction part introduced the research background and the main purposes. The first chapter briefly described some of the basic theory of financial analysis， including the concept， purpose and function， and summarized the current financial analysis methods. The second chapter explained why this article chose to research household electrical appliance industry and GREE ELECTRIC, and summarized the analytical framework of this article. In the third chapter， this article analyzed the development status and trend of GREE ELECTRIC from the historical point of view， studied the development stage and asset structure， capital structure， profit ability， operation ability， debt paying ability and cash convertibility etc.， and made a simple prediction of future development prospects. In the fourth chapter， this article compared the overall financial situation of GREE ELECTRIC with household electrical appliance industry， which includes the industry position， growth ability， profitability， operation ability and debt paying ability etc. In the chapter five， this article used DuPont analysis model to analyze the earning results and profitability of GREE ELECTRIC from longitudinal dimension and transverse dimension. The longitudinal comparison selected representative time node of its history. The transverse comparison made some modifications and adjustments to the DuPont analysis modes according the statistics available of household appliance in China. Based on the comparison results of DuPont analysis model， this article also used factor analysis to analyze the cause and contribution to the results by quantitative analysis method. In the last chapter， this article summarized the financial analysis results of GREE ELECTRIC by radar chart， on the basis of which， made a brief extraction and comment to its development strategy， business strategy and market development etc. The main innovation of this article is to make an overall， comprehensive and systematic research to the financial status of GREE ELECTRIC and household electrical appliance industry， on the basis of current statistical system of China， using with integration a variety analysis， factor analysis， ratio analysis.Is intended to establish the system through the proposed investment targets to be systematically analyzed，the value of its investment system analysis，so as to provide a decisionmaking basis for the investment of investors.
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